All Forum Posts by: Chris Mooney

Hey Jason,

I know both of the gentlemen above me, both great guys. I'm as REI friendly of an agent as you'll find. I got my RE license so I can be a better investor.

I sent you a connection request, I'd love to chat and be a resource for you and your fiance.

Hey Rich!

I'm a wholesaler and a real estate agent in the Hudson Valley. I'm active in Dutchess, Orange and Sullivan Counties. 

I sent you a connection request. Let's chat and see where we can bring value to one another!

Hey Jeffrey,

What protections do your contract with the end buyer provide you? Does it require a non-refundable EMD within a certain time after signing? Does it allow you to cancel that contract with the end buyer for any reason? I'd try to get out of that part of the contract ASAP.

Second, I'd keep marketing the property to other cash buyers, that way once you get out of contract with the cheat buyer, you have someone else lined up. 

Always require a significant non refundable EMD (i.e. $5K or $10K or more) due 48 or 72 hours after signing with the cash buyer, if not the contract is cancelled.

If you lose this contract, consider it a great learning lesson, but do everything you can to close this deal!

Hi everyone,

I found a motivated seller, and most of the aspects of the potential deal work for me and for the seller. One tricky situation, there is a squatter in the property (licensee holdover to be exact). 

I'm going to see the property in a few days, and if I can come to an agreement with the seller, how much trouble will I have finding an end buyer now? With the moratorium in place, end buyers might be turned off by this.

I'm familiar with the cash for keys strategy, but aside from that, is there anything I could do to motivate and support the holdover in order to leave the property? 

I don't want to lock this up, and then waste my time, the seller's time, and my end buyer's time. 

Thanks all!

@Joe Aiola that is some brilliant advice right there, thanks brother! 

I'm up in Dutchess County, so we're not building empires too far from one another. Cheers!

Hey @Brenden Mitchum and @Anthony Dadlani

I appreciate both of your responses here. I definitely have J Scott's book on my "must read" list. Of all the costs to estimate, this is the one thats been challenging me the most. And since owning my own home that I've done a ton of DIY rehab to, I don't think I'll ever want to buy something that doesn't require some work. Watching the transformation is so gratifying! I've joined a local REIA in NY's Hudson Valley, and its a very close group, so I'm sure I'll be able to pick their brains on this topic as well.

Thanks guys and hope you're well!

Hi all,

I've been spending a lot of time analyzing deals in Excel, just pulling random listings off of Zillow or Realtor.com. The trickiest thing for me is to estimate renovation costs going into a property. I have been able to figure out where to get data for other major expenses and costs, but renovation costs, I feel like I'm just guessing.

I found  Scott's calculators online, but they're quite in depth, and seem like they'd be useful in a second level analysis. So its not very time efficient it seems.

Does anyone have any advice on how they look at a listing and come up with an estimate just for the sake of quick analysis? This part has me stumped.

Thanks in advance!

Chris

@Collin Placke and @Ellie Perlman thank you both for your input! These are great recommendations, and I will definitely be putting these to use!

Hi all,

Just wanted to see what kind of resources you all are using while researching markets to invest in. I know many of us are looking to invest outside of areas we are local to, so knowing where to invest in a new area can be tough. I have been browsing Neighborhoodscout.com and it offers some really great insights into neighborhoods. You can drill down into zip codes and even sub areas within those zip codes. It covers crime, vacancy rates, and a lot more. It's really a great resource!

What do you all use for conducting market research, aside from Bigger Pockets of course :)

@Account Closed and anyone else seeing this, if you want to share your emails with me, I can create a Doodle poll for us to set up a zoom call to get the ball rolling on practicing running numbers.